NYC Multifamily Sales Rose 39% Before Pandemic
Following a tumultuous 2019 due to the passage of sweeping rent-reform legislation, New York City multifamily investment sales were off to a strong start in the first quarter, PropertyShark reported. Arm’s-length sales volume surged 39% year over year, reaching $1.9 billion in the Q1, with Manhattan seeing a 114% increase Y-O-Y.
That being said, 20% of Q1’s dollar volume was represented by the $380.6-million sale at 7 E. 28th St. in Manhattan’s NoMad neighborhood. Furthermore, because Q1 2019’s sales volume was 48% below Q1 2018, 2020’s first three months still came in $747 million below Q1 two years ago.
With the pandemic, PropertyShark quotes Nest Seekers’ Ryan Serhant as saying, “The New York City market has come to a standstill. No one has ever experienced anything like this before, so everyone just stopped.”
Looking ahead, he advised, “Floor it onto the open road. That’s the second quarter.”
Pictured: A terrace at the Instrata, 7 E.28th St.
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